Properties snapped up

THE holiday havens of Apollo Bay and Lakes Entrance recorded the largest decrease in the number of days properties are listed before being snapped up in December 2018.

The Real Estate Institute of Victoria’s Days on Market report revealed that properties in Apollo Day were listed for 90 days on average in December 2018, compared with 227 days in December 2017, a reduction of 137 days, or four and a half months.

Lakes Entrance’s increasing popularity for beachside retreats, retirement living and family homes is also translating into shorter listing lifespans. Properties lasted an average of 106 days on market in December 2018 compared with 215 in December 2017.

In Maldon, the heart of Victoria’s Goldfields, properties are lasting just over a month, 37 days, on market compared with 139 days in December 2017.

Overall in regional Victoria, properties are remaining on market for 51 days or less than two months. The length of time spent on market remained fairly consistent throughout 2018 but dipped to as low as 39 days in March 2018.

Other regional towns that recorded considerable drops in their days on market for property listings included Loch Sport (88), Heathcote (73), Venus Bay (63) Portarlington (57), California Gully (49), Eaglehawk (42) and Canadian (42).

The narrowing of a town’s days on market is a good indicator of increased buyer interest and competition. It can also mean that properties are being tightly held, resulting in less housing stock to choose from which means listings are sold faster.

The REIV’s Days on Market report also reiterates the strength of the market in the Geelong and Ballarat regions. Properties lasted an average of just 19 days on market in Grovedale and Lake Gardens with Newcomb rounding out the top three at 20 days.

Other top performing towns included Broadford, Soldiers Hill and Wendouree, all recording 22 days on market, followed by St Albans Park and Waurn Ponds on 23 then Ballarat East, Golden Point and Whittington on 24.

For days on market and other detailed property information including sales results, median prices, trends and statistics, please visit the Market Insights section of the REIV website at reiv.com.au/market-insights.